Winter Solutions Company's income statement for the month ended August 31, 2020, reported the following data: (Click icon to view income statement.) Before the financial statements were released, it was discovered that the current net realizable value of ending inventory was $104,000. Required Requirement 1. Journalize the entry to apply the lower-of-cost-and-net-realizable-value rule to the inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry - X Date Accounts Debit Credit Income statement Aug 31 Winter Solutions Company Income Statement For the Month Ended August 31, 2020 Sales revenue $ 440,000 Required Cost of goods sold: Beginning inventory Net purchases Cost of goods available for sale $ 100,000 249,000 349,000 121,000 1. Journalize the entry to apply the lower-of-cost-and-net-realizable-value rule to the inventory 2. Prepare a revised income statement to adjust the preceding income statement to apply the lower-of-cost-and-net-realizable-value rule to Winter Solutions Company's inventory. 3. What is the inventory balance that would be reported on the Winter Solutions Company's balance sheet? How would it be reported? Less: Ending inventory Cost of goods sold 228,000 $ 212,000 Gross margin Print Done Print Done Help Me Solve This vurdurulur VEL TOT TICT- Clear All Check